Dubai – Mubasher: Takaful Emarat – Insurance has logged accumulated losses of AED 67.254 million as of the fourth quarter (Q4) of 2020, accounting for 44.84% of the company.
The accumulated losses are attributed to the losses seen in the medical insurance portfolio in 2019 and investments in technology that did not yield the desired output in the past couple of years, according to the company's disclosure to the Dubai Financial Market (DFM) on Thursday.
To tackle the accumulated losses, the company has taken measures to cut the general and administrative expenses and will review the underwriting guideline and portfolio losses.
It is noteworthy to mention that in 2020, the company recorded net profits of AED 412,982, against net losses of AED 39.346 million in 2019.
